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Latest Financial News for CVSI


CV Sciences, Inc. Announces Launch of ProCBD™ Product Line
Posted on Tuesday January 05, 2021

Clinical Strength ProCBD™ is Supported by Clinical Research and Available Exclusively Through Health Practitioners CV Sciences, Inc. Announces Launch of ProCBD™ Product Line Clinical Strength ProCBD™ is supported by clinical research and available exclusively through health practitioners.SAN DIEGO, Jan. 05, 2021 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our”, “us” or “we”), a preeminent leader in hemp derived cannabidiol (CBD) products, today announced the launch of ProCBD™, a full product line of clinical strength CBD products available exclusively through health practitioners.Clinical strength ProCBD™ products were created with the CV Sciences Medical Advisory Board specifically to meet patient needs and to fit seamlessly with existing care plans. ProCBD™ is the only CBD supported by published investigations, randomized controlled trial, and post marketing safety review.Formulated with CV Sciences’ decarboxylated and distilled hemp extract for concentrated CBD levels that are best used under a specialist’s care, ProCBD™ is available in Roll-On, Liquids and Softgels. The ProCBD™ product line is non-GMO, gluten free, plant-based and vegan friendly.“As the only clinical strength CBD on the market supported by multiple research studies, we believe ProCBD™ has tremendous potential in the professional healthcare channel,” said Joseph Dowling, Chief Executive Officer of CV Sciences. “The use of alternative medicine is becoming increasingly prevalent as consumer preferences continue to shift toward natural, plant-based remedies for a range of medical conditions. We are excited to launch ProCBD™ and partner with medical professionals seeking science-based, natural alternatives to provide to their patients.”About CV Sciences, Inc.CV, or Curriculum Vitae, is Latin for “course of life”, and science is the pursuit of truth. CV Sciences: our name is our mission -- improving quality of life through nature and science.CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a consumer product division focused on manufacturing, marketing and selling plant-based dietary supplements and CBD products to a range of market sectors; and a drug development division focused on developing and commercializing CBD-based novel therapeutics. The Company’s PlusCBD™ products are sold at more than 6,200 retail locations throughout the U.S. and it is the top-selling brand of hemp-derived CBD on the market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry.  CV Sciences follows all guidelines for Good Manufacturing Practices (GMP) and the Company’s products are processed, produced, and tested throughout the manufacturing process to confirm strict compliance with company standards and specifications.  With a commitment to science, PlusCBD™ product benefits in healthy people are supported by human clinical research data, in addition to three published clinical case studies available on PubMed.gov.  PlusCBD™ was the first hemp CBD supplement brand to invest in the scientific evidence necessary to receive self-affirmed Generally Recognized as Safe (GRAS) status. CV Sciences, Inc. has primary offices and facilities in San Diego, California.  Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.FORWARD-LOOKING DISCLAIMERThis press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties.CONTACT INFORMATION: Investor Contact: ICR Scott Van Winkle 617-956-6736 scott.vanwinkle@icrinc.comMedia Contact: ICR Cory Ziskind 646-277-1232 cory.ziskind@icrinc.comA photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2e055ef7-e738-48a7-90a3-dfa536005a6a


CV Sciences, Inc. Receives Nutritional Outlook’s 2020 Best of the Industry Award
Posted on Thursday December 10, 2020

SAN DIEGO, Dec. 10, 2020 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our”, “us” or “we”), a preeminent supplier and manufacturer of hemp cannabidiol (CBD) products, announced today that it received Nutritional Outlook’s 2020 Best of the Industry Awards, in the Retail brand/product category. CV Sciences was recognized for setting the stage in 2020 to show how hemp-derived CBD companies can not only secure a mainstream audience but also charter a new course outside of the CBD category. In 2020, CV Sciences launched a powerful pair of non-CBD immune supporting products: CV™ Defense and CV™ Acute, which opened markets and sales channels for the Company, including major e-commerce retailers not currently accessible by CBD-based products. Both are made with the same rigorous manufacturing and testing standards CV Sciences is known for.“Congratulations to all of the 2020 Best of the Industry Award winners,” said Mike Hennessy Jr., president and CEO of MJH Life Sciences™, the parent company of Nutritional Outlook®. “Each winner raised the bar for excellence in its own way. Thanks to their trailblazing achievements in 2020, this year’s winners will help shape, for the better, the state of the natural product, dietary supplement, and food and beverage industries for years to come.”Nutritional Outlook® is the industry’s leading multimedia resource for manufacturers of dietary supplements, healthy foods and beverage. Their 2020 Best of the Industry Awards recognizes individuals, groups, and companies whose initiatives in 2020 set a new standard for excellence and positively influenced the natural product, dietary supplement, and food and beverage industries. Best of the Industry Award winners are selected by Nutritional Outlook®’s esteemed editors based on their survey of market achievements.“We are honored to receive this recognition for our commitment to building consumer confidence and trust in the safety and quality of our products,” said Joseph Dowling, Chief Executive Officer of CV Sciences. “We look forward to continuing to innovate in 2021 and bringing additional products to market that improve quality of life through nature and science.”About CV Sciences, Inc. CV, or Curriculum Vitae, is Latin for "course of life", and science is the pursuit of truth. CV Sciences: our name is our mission -- improving quality of life through nature and science.CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a consumer product division focused on manufacturing, marketing and selling plant-based dietary supplements and CBD products to a range of market sectors; and a drug development division focused on developing and commercializing CBD-based novel therapeutics. The Company’s PlusCBD™ products are sold at more than 6,200 retail locations throughout the U.S. and it is the top-selling brand of hemp-derived CBD in the natural products market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry. CV Sciences follows all guidelines for Good Manufacturing Practices (GMP) and the Company’s products are processed, produced, and tested throughout the manufacturing process to confirm strict compliance with company standards and specifications. With a commitment to science, PlusCBD™ product benefits in healthy people are supported by human clinical research data, in addition to three published clinical case studies available on PubMed.gov. PlusCBD™ was the first hemp CBD supplement brand to invest in the scientific evidence necessary to receive self-affirmed Generally Recognized as Safe (GRAS) status. CV Sciences, Inc. has primary offices and facilities in San Diego, California. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.Forward Looking Statements This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risk and uncertainties.Contact Information Investor Contact: ICR Scott Van Winkle 617-956-6736 scott.vanwinkle@icrinc.com Media Contact: ICR Cory Ziskind 646-277-1232 cory.ziskind@icrinc.com


CV Sciences, Inc. Announces Closing of Committed Equity Financing Transaction
Posted on Tuesday December 08, 2020

SAN DIEGO, Dec. 08, 2020 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our”, “us” or “we”), a preeminent supplier and manufacturer of hemp cannabidiol (CBD) products, today announced that it has entered into a Common Stock Purchase Agreement with Tumim Stone Capital, LLC (the “Investor”). Pursuant to the Stock Purchase Agreement, the Company has the right, subject to certain conditions, to issue and sell to the Investor from time to time up to $10 million of the Company’s Common Stock registered under the Company’s Form S-3 Registration Statement dated April 21, 2020, as supplemented by a prospectus supplement to be filed by the Company with the Securities and Exchange Commission.   The Common Stock Purchase Agreement provides, among other things, that the Company may direct, every three trading days, the Investor to purchase a number of shares not to exceed an amount determined based upon the trading volume and stock price of the Company’s shares.   The specific terms of the financing are set forth in the full text of the Common Stock Purchase Agreement, which will be filed in its entirety with the Company’s Current Report on Form 8-K reporting the transaction. The Company remains on track to achieve cashflow break-even by mid 2021. The Company expects to use net proceeds from the financing over time for general corporate purposes which may include, without limitation, funding of product development, sales and marketing activities, increasing the Company’s working capital and investment in its products and intellectual property in order to accelerate growth.The information contained in this press release shall not constitute an offer to sell or the solicitation of an offer to buy the shares of the Company’s Common Stock discussed herein, nor shall there be any offer, solicitation or sale of the shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.About CV Sciences, Inc. CV, or Curriculum Vitae, is Latin for "course of life", and science is the pursuit of truth. CV Sciences: our name is our mission -- improving quality of life through nature and science.CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a consumer product division focused on manufacturing, marketing and selling plant-based dietary supplements and CBD products to a range of market sectors; and a drug development division focused on developing and commercializing CBD-based novel therapeutics. The Company’s PlusCBD™ products are sold at more than 6,200 retail locations throughout the U.S. and it is the top-selling brand of hemp-derived CBD in the natural products market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry. CV Sciences follows all guidelines for Good Manufacturing Practices (GMP) and the Company’s products are processed, produced, and tested throughout the manufacturing process to confirm strict compliance with company standards and specifications. With a commitment to science, PlusCBD™ product benefits in healthy people are supported by human clinical research data, in addition to three published clinical case studies available on PubMed.gov. PlusCBD™ was the first hemp CBD supplement brand to invest in the scientific evidence necessary to receive self-affirmed Generally Recognized as Safe (GRAS) status. CV Sciences, Inc. has primary offices and facilities in San Diego, California. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.Forward Looking Statements This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risk and uncertainties.Contact Information Investor Contact: ICR Scott Van Winkle 617-956-6736 scott.vanwinkle@icrinc.comMedia Contact: ICR Cory Ziskind 646-277-1232 cory.ziskind@icrinc.com


CV Sciences, Inc. Reports Third Quarter 2020 Financial Results
Posted on Thursday November 05, 2020

SAN DIEGO, Nov. 05, 2020 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our”, “us” or “we”), a preeminent supplier and manufacturer of hemp cannabidiol (CBD) products, today announced its financial results for the quarter ended September 30, 2020. Third Quarter 2020 and Recent Operating Highlights * Revenue of $5.6 million for the third quarter of 2020; * E-commerce sales of $1.8 million for the third quarter of 2020; * Gross margin of 44.2% for the third quarter of 2020; * Maintained strong total cash balance of $6.1 million at quarter end; * Launched PlusCBDTM brand refresh and new products; * Launched Happy LaneTM, a new THC-free CBD brand and product line for the convenience store channel; * Launched CVTM Defense, a clinically supported immune formula which provides daily support; and * Launched PlusCBDTM Pet, a full line of hemp extracts formulated exclusively for dogs and cats.“We are pleased to deliver a return to modest sequential revenue growth during the third quarter and have been active with our product and business development activities. We are aggressively driving innovation to accelerate new product and category development. We have also enhanced our e-commerce activities, redesigning our CV Sciences website to support consumer sales of our growing immunity line and are actively working with new potential distribution partners and e-commerce retailers to broaden distribution. We remain confident in the long-term outlook for CBD and continue to support all efforts to drive industry-wide science and regulatory-support while leading with our industry-leading quality products,” stated Joseph Dowling, Chief Executive Officer of CV Sciences. “We are developing distribution for our recent launch of Happy LaneTM, and continue to believe there is a significant opportunity in the convenience store channel for this value-priced brand. We expanded our offering in the immunity category, announced the launch of our pet line and have further new offerings slated for launch in the fourth quarter. I could not be more pleased with how the entire CV Sciences team has aggressively driven our growth efforts amid the daily challenges of the COVID-19 pandemic. While future hurdles are difficult to forecast given the current environment, I am confident in our team’s ability to adapt and continue to execute our key business strategies. Our focus remains on driving growth and shareholder value through our emphasis on quality, innovation, distribution expansion and category leadership.”Operating Results - Third Quarter 2020 Compared to Third Quarter 2019 Sales for the third quarter of 2020 were $5.6 million, a decrease of 56% from $12.6 million in the third quarter of 2019. Third quarter sales were impacted by the current COVID-19 pandemic and increased market competition, which is largely due to the uncertain regulatory environment for CBD. The Company's products were sold in 6,227 retail stores nationwide as of September 30, 2020, up from 5,435 stores as of September 30, 2019.The Company recognized an operating loss of $3.2 million in the third quarter of 2020, compared to an operating loss of $1.8 million in the prior year.The Company had negative adjusted EBITDA for the third quarter of 2020 of $2.3 million, compared to negative adjusted EBITDA of $0.9 million for the third quarter of 2019.Conference Call and Webcast The Company will host a conference call and webcast to discuss these results today at 4:30 pm EDT/1:30 pm PDT. The webcast of the conference call will be available on the Investor Relations section of the Company's web site at https://ir.cvsciences.com/news-events or directly http://public.viavid.com/index.php?id=142188. Investors interested in participating in the live call can also dial (800) 909-4985 from the U.S. or international callers can dial (212) 231-2921, passcode: 21971382. A telephone replay will be available approximately two hours after the call concludes, and will be available through Thursday, November 12, 2020, by dialing (844) 512-2921 from the U.S. or (412) 317-6671 from international locations, and entering confirmation code 21971382.About CV Sciences, Inc. CV, or Curriculum Vitae, is Latin for "course of life", and science is the pursuit of truth. CV Sciences: our name is our mission -- improving quality of life through nature and science.CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a consumer product division focused on manufacturing, marketing and selling plant-based dietary supplements and CBD products to a range of market sectors; and a drug development division focused on developing and commercializing CBD-based novel therapeutics. The Company’s PlusCBD™ products are sold at more than 6,200 retail locations throughout the U.S. and it is the top-selling brand of hemp-derived CBD in the natural products market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry.  CV Sciences follows all guidelines for Good Manufacturing Practices (GMP) and the Company’s products are processed, produced, and tested throughout the manufacturing process to confirm strict compliance with company standards and specifications.  With a commitment to science, PlusCBD™ product benefits in healthy people are supported by human clinical research data, in addition to three published clinical case studies available on PubMed.gov.  PlusCBD™ was the first hemp CBD supplement brand to invest in the scientific evidence necessary to receive self-affirmed Generally Recognized as Safe (GRAS) status. CV Sciences, Inc. has primary offices and facilities in San Diego, California.  Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.Forward Looking Statements This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risk and uncertainties.Contact InformationInvestor Contact: ICR Scott Van Winkle 617-956-6736 scott.vanwinkle@icrinc.com Media Contact: ICR Cory Ziskind 646-277-1232 cory.ziskind@icrinc.com       CV SCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data)        Three Months ended Nine Months ended  September 30,  September 30,  2020  2019  2020  2019 Product sales, net$5,564  $12,603  $19,230  $44,368  Cost of goods sold3,106  4,175  10,442   13,430  Gross Profit2,458  8,428  8,788   30,938                Operating expenses:             Research and development412  1,544  2,667   4,574  Selling, general and administrative5,197  8,657  19,249   36,261   5,609  10,201  21,916   40,835                Operating Loss(3,151) (1,773) (13,128)  (9,897)               Interest (income) expense, net6  (7) —   (2) Loss before income taxes(3,157) (1,766) (13,128)  (9,895) Income tax expense (benefit)—  3  (138)  29  Net Loss$(3,157) $(1,769) $(12,990) $(9,924)               Weighted average common shares outstanding, basic and diluted99,950  98,733  99,831   97,524  Net loss per common share, basic and diluted$(0.03) $(0.02) $(0.13) $(0.10)                  CV SCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except per share data)    September 30, December 31,  2020 2019 Assets    Current assets:    Cash and cash equivalents$5,563  $9,107  Restricted cash501  501  Accounts receivable, net1,318  2,177  Inventory8,685  9,971  Prepaid expenses and other8,138  10,611  Total current assets24,205  32,367       Property & equipment, net3,096  3,615  Operating lease assets3,199  8,709  Intangibles, net3,739  3,766  Goodwill2,788  2,788  Other assets1,378  1,442  Total assets$38,405  $52,687       Liabilities and stockholders' equity    Current liabilities:    Accounts payable$1,647  $1,617  Accrued expenses9,817  10,856  Operating lease liability - current688  723  Current portion of long-term debt363  —  Total current liabilities12,515  13,196       Debt2,543  —  Operating lease liability3,635  9,517  Deferred tax liability263  421  Other liabilities—  406  Total liabilities18,956  23,540       Commitments and contingencies         Stockholders' equity    Preferred stock, par value $0.0001; 10,000 shares authorized; no shares issued and outstanding—  —  Common stock, par value $0.0001; 190,000 shares authorized, 100,029 and 99,416 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively10  10  Additional paid-in capital74,066  70,774  Accumulated deficit(54,627) (41,637) Total stockholders' equity19,449  29,147       Total liabilities and stockholders' equity$38,405  $52,687    CV SCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) (in thousands)    Nine Months ended September 30,  2020 2019 OPERATING ACTIVITIES    Net loss$(12,990) $(9,924) Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:    Depreciation and amortization629  533  Stock-based compensation3,116  4,915  Stock-based compensation associated with founders employment settlement—  7,857  Deferred taxes(158) —  Non-cash lease expense455  497  Loss on sale of property and equipment176  —  Other240  38  Change in operating assets and liabilities:    Accounts receivable717  (240) Inventory1,858  (1,475) Prepaid expenses and other2,640  (659) Accounts payable and accrued expenses(2,515) 857  Net cash provided by (used in) operating activities(5,832) 2,399       INVESTING ACTIVITIES    Purchase of property and equipment(794) (901) Net cash flows used in investing activities(794) (901)      FINANCING ACTIVITIES    Proceeds from debt2,906  —  Repayment of unsecured debt—  (474) Proceeds from exercise of stock options176  279  Net cash flows provided by (used in) financing activities3,082  (195)      Net increase (decrease) in cash, cash equivalents and restricted cash(3,544) 1,303  Cash, cash equivalents and restricted cash, beginning of period9,608  12,935  Cash, cash equivalents and restricted cash, end of period$6,064  $14,238       Supplemental cash flow disclosures:    Interest paid$—  $9  Income taxes paid$18  $70  Supplemental disclosure of non-cash transactions:    Purchase of property and equipment in accounts payable and accrued expenses$239  $21  Operating ROU lease assets obtained in exchange for operating lease liabilities$—  $5,405  Derecognition of operating ROU lease assets related to operating lease termination$(4,704) $—  Sale of property and equipment in exchange for note receivable (recorded in prepaid expenses and other) and inventory$675  $—           CV SCIENCES, INC. NON-GAAP FINANCIAL MEASURES (UNAUDITED)We prepare our condensed consolidated financial statements in accordance with generally accepted accounting principles for the United States (GAAP). The non-GAAP financial measures such as net income and loss per share and Adjusted EBITDA included in this press release are different from those otherwise presented under GAAP. We use non-GAAP measures internally to evaluate our performance and make financial and operational decisions that are presented in a manner that adjusts from their equivalent GAAP measures or that supplement the information provided by our GAAP measures. The non-GAAP financial measures exclude non-cash compensation expense for stock options and other non-recurring items. When evaluating the performance of our business and developing short and long-term plans, we do not consider share-based compensation charges. Although share-based compensation is necessary to attract and retain quality employees, our consideration of share-based compensation places its primary emphasis on overall shareholder dilution rather than the accounting charges associated with such grants. Because of the varying availability of valuation methodologies and subjective assumptions, we believe that the exclusion of share-based compensation allows for more accurate comparison of our financial results to previous periods. In addition, we believe it useful to investors to understand the specific impact of the application of the fair value method of accounting for share-based compensation on our operating results.Adjusted EBITDA is defined by us as EBITDA (net income (loss) plus depreciation expense, amortization expense, interest and income tax expense (benefit), further adjusted to exclude certain non-cash expenses and other adjustments as set forth below. We use Adjusted EBITDA because we believe it more clearly highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures, since Adjusted EBITDA eliminates from our results specific financial items that have less bearing on our core operating performance.We use Adjusted EBITDA in communicating certain aspects of our results and performance, including in this press release, and believe that Adjusted EBITDA, when viewed in conjunction with our GAAP results and the accompanying reconciliation, can provide investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone. In addition, we believe the presentation of Adjusted EBITDA is useful to investors in making period-to-period comparison of results because the adjustments to GAAP are not reflective of our core business performance.A reconciliation from our GAAP net loss to non-GAAP net income (loss) for the three and nine months ended September 30, 2020 and 2019 is detailed below:   Three Months ended Nine Months ended  September 30, September 30,  2020 2019 2020 2019    (in thousands, except per share data)   Net loss - GAAP$(3,157) $(1,769) $(12,990) $(9,924) Stock-based compensation (1)615  699  3,116  4,915  Stock-based compensation associated with founder employment settlement (2)—  —  —  7,857  Payroll expense associated with founder employment settlement (3)—  —  —  934  Net income (loss) - non-GAAP$(2,542) $(1,070) $(9,874) $3,782           Diluted EPS - GAAP$(0.03) $(0.02) $(0.13) $(0.10) Stock-based compensation (1)—  0.01  0.03  0.04  Stock-based compensation associated with founder employment settlement (2)—  —  —  0.08  Payroll expense associated with founder employment settlement (3)—  —  —  0.01  Diluted EPS - non-GAAP$(0.03) $(0.01) $(0.10) $0.03           Shares used to calculate diluted EPS - GAAP99,863  98,733  99,771  97,524  Shares used to calculate diluted EPS - non-GAAP99,863  98,733  99,771  117,318  _____________ (1)  Represents stock-based compensation expense related to stock options awarded to employees, consultants and non-executive directors based on the grant date fair value using the Black-Scholes valuation model. (2)  Represents stock-based compensation expense related to accelerated vesting of RSU's and the modification of certain stock options associated with the settlement agreements with our founder. (3)  Represents accrued payroll and related benefits associated with the separation of our founder.  A reconciliation from our net loss to Adjusted EBITDA, a non-GAAP measure, for the three months ended September 30, 2020 and 2019 is detailed below:       Three Months ended September 30, 2020 Three Months ended September 30, 2019  Consumer Products Specialty Pharma Total Consumer Products Specialty Pharma Total               (in thousands) Net loss$(2,855) $(302) $(3,157) $(651) $(1,118) $(1,769) Depreciation231  —  231  170  —  170  Amortization—  9  9  —  9  9  Interest expense (income)6  —  6  (7) —  (7) Income tax expense—  —  —  3  —  3  EBITDA(2,618) (293) (2,911) (485) (1,109) (1,594) Stock-based compensation (1)581  34  615  657  42  699  Adjusted EBITDA$(2,037) $(259) $(2,296) $172  $(1,067) $(895)   A reconciliation from our net loss to Adjusted EBITDA, a non-GAAP measure, for the nine months ended September 30, 2020 and 2019 is detailed below:      Nine Months ended September 30, 2020 Nine Months ended September 30, 2019  Consumer Products Specialty Pharma Total Consumer Products Specialty Pharma Total               (in thousands) Net loss$(10,827) $(2,163) $(12,990) $(7,134) $(2,790) $(9,924) Depreciation602  —  602  506  —  506  Amortization—  27  27  —  27  27  Interest expense (income)—  —  —  (2) —  (2) Income tax expense (benefit)(138) —  (138) 29  —  29  EBITDA(10,363) (2,136) (12,499) (6,601) (2,763) (9,364) Stock-based compensation (1)3,048  68  3,116  4,794  121  4,915  Stock-based compensation associated with founder employment settlement (2)—  —  —  7,857  —  7,857  Payroll expense associated with founder employment settlement (3)—  —  —  934  —  934  Adjusted EBITDA$(7,315) $(2,068) $(9,383) $6,984  $(2,642) $4,342  ______________ (1)  Represents stock-based compensation expense related to stock options awarded to employees, consultants and non-executive directors based on the grant date fair value using the Black-Scholes valuation model. (2)  Represents stock-based compensation expense related to accelerated vesting of RSU's and the modification of certain stock options associated with the settlement agreements with our founder. (3)  Represents accrued payroll and related benefits associated with the separation of our founder.


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